BTC continues climb above $116K, XRP surges over 6% as bulls target $3

Bitcoin (BTC) extended its bullish run on Friday, trading above $116,000 after setting a new all-time high the previous day.

Bitcoin’s consolidation around the upper boundary of its previously broken range at $108,355 ended on Wednesday, paving the way for a sharp move higher.

The rally was mirrored by Ethereum (ETH) and Ripple (XRP), both of which broke through key resistance levels, reinforcing the broader strength across the top cryptocurrencies.

At the time of writing, both major cryptocurrencies were trading over 6% higher. The overall crypto market was up around 5% to trade at $3.64 trillion.

Bitcoin's dominance is around 64%.

As bullish structures continue to form, traders are positioning for further upside, with sentiment turning increasingly optimistic.

The surge also triggered the largest wave of liquidations in years, underscoring the abrupt shift in market momentum.

The Bitcoin rally: where is BTC going?

The cryptocurrency is now up approximately 24% year-to-date, with analysts setting their sights on $130,000 as the next major resistance.

According to 10X Research, the latest breakout was driven by a decisive shift in market structure toward a bullish trend.

Bitcoin has reached 10X Research’s July price target of $116,000, a level the firm projected based on seasonal trends pointing to a 9% rally.

While 10X had previously expected a broader consolidation through the summer, its outlook turned more bullish in recent weeks as upside positioning remained limited, setting the stage for a sharp move higher.

According to the firm, a fresh trading signal was triggered as Bitcoin made a new short-term high, indicating that the rally could extend further.

Historically, such signals have produced a median gain of 20%, with six out of ten instances delivering positive returns.

If the pattern holds, Bitcoin could climb as high as $133,000 by September, as per the research firm.

Crypto liquidations surge

More than $1.14 billion in leveraged positions were liquidated over the past 24 hours, according to data from CoinGlass, marking one of the most significant shakeouts in recent months.

Short traders bore the brunt of the losses, accounting for nearly $1.02 billion of the total.

Bitcoin alone was responsible for over half of the liquidations, with $591 million in positions wiped out.

Ethereum followed with $241 million in liquidations, while other major tokens—including Hyperliquid, Solana, and XRP—also experienced sharp losses.

ETH and XRP eye key targets

Ethereum rebounded after finding support near the $2,461 daily level last week, rallying 10% to close above its resistance at $2,724 on Wednesday.

The upward momentum continued with a 6.59% gain on Thursday, bringing the price to retest the key psychological level of $3,000.

As of Friday, ETH is hovering around $2,970.

A daily close above $3,000 could pave the way for a move toward the next resistance level at $3,730.

US spot Ethereum ETFs recorded net inflows of $383 million on Thursday, marking five consecutive days of positive flows.

BlackRock’s iShares Ethereum ETF (ETHA) saw the biggest inflow at around $300.9 million.

Ripple (XRP) extended its recovery on Friday, reaching highs of around $2.59.

According to data from Glassnode, the number of addresses on the XRP Ledger has steadily increased over the past two years, now averaging 7.3 million—up from 6.3 million at the start of the year and 5.7 million as of July 10, 2024.

The ongoing growth in network activity, coupled with recent price momentum, suggests XRP may have the potential to accelerate its uptrend, with a short-term target above the $3.00 mark.